FT - Standard Chartered
Taiwan Economic Summit
Innovation for New Growth
Although private investment and business confidence have yet to return to pre-financial crisis days, Taiwan’s economy is making a strong recovery, helped by the stimulus package formulated by President Ma Ying-jeou’s government, closer business ties with China, and a more positive approach to regional trade pacts, which should help the island’s high-tech manufacturers, the backbone of its industry, compete more strongly against nimble rivals such as South Korea, and invest more heavily in operations overseas. Banks and ratings agencies have given Taiwan a positive outlook for 2014, mainly based on a projected US recovery. At the same time, Taiwan’s manufacturers have been spreading their operations in China and elsewhere in Asia, a strategy that is expected to reduce the economy’s dependence on exports.
Is this sufficient? International rankings rate Taiwan highly for entrepreneurship and innovation, and the island is a leader in Asia in terms of economic freedom. But Taiwan’s businesses face a significant challenge – sales of high-tech products are falling victim to a shift in focus from hardware to software, and to cheaper options available from countries with less expensive labour. In order to remain competitive and continue to grow, Taiwan will have to rethink its business plan for the future.
How can the island reboot its innovativeness to discover new opportunities in a software business model, and mature into a value-added producer? Is the environment conducive in terms of education, industrial and financial policies to foster innovative thinking? How are Taiwan’s banks and financial companies collaborating with entrepreneurs to bring new ideas to fruition? What role are foreign companies playing in encouraging research and development in their Taiwan operations? What are the implications for Taiwan’s economic growth?
The Financial Times and Standard Chartered Bank will gather senior policy-makers, business leaders, economists and financiers for a second major Economic Summit to discuss in detail the policy and strategic responses required for Taiwan to revitalise its entrepreneurialism, transition into a value-added manufacturer, and innovate for new economic growth.
Taiwan Business Awards
This year’s winners will be announced and the Awards delivered at the FT-Standard Chartered Taiwan Economic Summit, taking place in Taipei on 3 July 2014.
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